Piper Sandler Lowers Freshworks (NASDAQ:FRSH) Price Target to $17.00

Freshworks (NASDAQ:FRSHGet Rating) had its price objective cut by Piper Sandler from $20.00 to $17.00 in a report issued on Wednesday morning, The Fly reports. They currently have an overweight rating on the stock.

Several other equities research analysts have also recently issued reports on FRSH. Oppenheimer decreased their price objective on shares of Freshworks from $36.00 to $26.00 in a research report on Wednesday, May 4th. Scotiabank initiated coverage on shares of Freshworks in a research report on Wednesday, June 8th. They set a sector perform rating and a $16.00 price objective for the company. Jefferies Financial Group decreased their price objective on shares of Freshworks from $18.00 to $17.00 in a research report on Monday, May 23rd. Barclays decreased their price objective on shares of Freshworks from $18.00 to $15.00 and set an equal weight rating for the company in a research report on Tuesday, July 26th. Finally, Canaccord Genuity Group decreased their price objective on shares of Freshworks from $25.00 to $21.00 and set a buy rating for the company in a research report on Wednesday, May 4th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, Freshworks has a consensus rating of Hold and a consensus target price of $18.23.

Freshworks Stock Performance

NASDAQ:FRSH opened at $15.31 on Wednesday. The company has a fifty day simple moving average of $13.47 and a two-hundred day simple moving average of $16.73. Freshworks has a 52 week low of $10.51 and a 52 week high of $53.36.

Freshworks (NASDAQ:FRSHGet Rating) last posted its quarterly earnings results on Tuesday, May 3rd. The company reported ($0.18) EPS for the quarter, topping the consensus estimate of ($0.19) by $0.01. The business had revenue of $114.64 million during the quarter, compared to the consensus estimate of $108.24 million. Freshworks had a negative net margin of 68.69% and a negative return on equity of 24.02%. The company’s quarterly revenue was up 42.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.02) earnings per share. Equities analysts expect that Freshworks will post -0.73 EPS for the current year.

Insider Activity at Freshworks

In other news, Director Barry L. Padgett sold 225,000 shares of the company’s stock in a transaction dated Friday, June 17th. The shares were sold at an average price of $11.38, for a total value of $2,560,500.00. Following the completion of the sale, the director now directly owns 1,078 shares of the company’s stock, valued at $12,267.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, Director Barry L. Padgett sold 225,000 shares of the company’s stock in a transaction dated Friday, June 17th. The shares were sold at an average price of $11.38, for a total value of $2,560,500.00. Following the completion of the sale, the director now directly owns 1,078 shares of the company’s stock, valued at $12,267.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Randy Gottfried sold 33,750 shares of the company’s stock in a transaction dated Monday, May 16th. The shares were sold at an average price of $15.59, for a total transaction of $526,162.50. The disclosure for this sale can be found here. Insiders sold a total of 293,938 shares of company stock valued at $3,624,058 over the last ninety days. Insiders own 29.12% of the company’s stock.

Institutional Investors Weigh In On Freshworks

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Ward Ferry Management BVI Ltd increased its stake in shares of Freshworks by 119.5% during the first quarter. Ward Ferry Management BVI Ltd now owns 6,729,186 shares of the company’s stock worth $120,587,000 after acquiring an additional 3,663,500 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Freshworks by 34,332.5% during the fourth quarter. JPMorgan Chase & Co. now owns 3,443,252 shares of the company’s stock worth $90,420,000 after acquiring an additional 3,433,252 shares during the period. SC US Ttgp LTD. acquired a new position in shares of Freshworks during the first quarter worth about $51,705,000. Capital Research Global Investors increased its stake in shares of Freshworks by 147.6% during the fourth quarter. Capital Research Global Investors now owns 4,098,097 shares of the company’s stock worth $107,616,000 after acquiring an additional 2,443,144 shares during the period. Finally, Soros Fund Management LLC acquired a new position in shares of Freshworks during the first quarter worth about $34,883,000. 24.86% of the stock is owned by hedge funds and other institutional investors.

About Freshworks

(Get Rating)

Freshworks Inc, a software development company, provides modern software-as-a-service products worldwide. Freshworks Inc was formerly known as Freshdesk Inc and changed its name to Freshworks Inc in June 2017. The company was incorporated in 2010 and is headquartered in San Mateo, California.

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